Sorrento Therapeutics, Inc. (Nasdaq: SRNE, “Sorrento”), a clinical
stage, antibody-centric biopharmaceutical company developing new
therapies to turn malignant cancers into manageable and possibly
curable diseases, today announced the closing of its previously
announced underwritten public offering of 8,333,334 shares of its
common stock, Series A warrants to purchase up to an aggregate of
8,333,334 shares of its common stock, Series B warrants to purchase
up to an aggregate of 8,333,334 shares of its common stock and
Series C warrants to purchase up to an aggregate of 8,333,334
shares of its common stock at a public offering price of $3.00 per
share and accompanying warrant combination, before deducting
underwriting discounts and commissions and estimated offering
expenses payable by Sorrento. The net proceeds to Sorrento
from this offering are expected to be approximately $23.1 million,
after deducting underwriting discounts and commissions and other
estimated offering expenses. Sorrento currently intends to use the
net proceeds from the offering for the continued clinical
development of its RTX, CEA CAR-T and CD38 CAR-T programs and
general research and development, working capital and general
corporate purposes.
JMP Securities and H.C. Wainwright & Co. acted as joint
book-running managers for the offering.
The securities described above were offered by Sorrento pursuant
to a shelf registration statement on Form S-3 (File No. 333-221443)
previously filed with the Securities and Exchange Commission (the
“SEC”) on November 9, 2017, amended on December 1, 2017 and
declared effective by the SEC on December 6, 2017. A final
prospectus supplement and accompanying prospectus related to the
offering was filed with the SEC on June 28, 2019 and is available
on the SEC’s website at http://www.sec.gov. Copies of the
final prospectus supplement and the accompanying prospectus
relating to the offering may also be obtained from JMP Securities
LLC, 600 Montgomery Street, Suite 1100, San Francisco, California
94111, Attention: Prospectus Department, by calling (415) 835-8985
or by e-mail at syndicate@jmpsecurities.com or H.C. Wainwright
& Co., LLC, 430 Park Avenue, 3rd Floor, New York, NY 10022, by
calling (646) 975-6996 or by e-mail at placements@hcwco.com.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of
these securities in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to the registration or
qualification under the securities laws of any such state or
jurisdiction.
About Sorrento Therapeutics, Inc.
Sorrento is a clinical stage, antibody-centric,
biopharmaceutical company developing new therapies to turn
malignant cancers into manageable and possibly curable diseases.
Sorrento’s multimodal multipronged approach to fighting cancer is
made possible by its’ extensive immuno-oncology platforms,
including key assets such as fully human antibodies (“G-MAB™
library”), clinical stage immuno-cellular therapies (“CAR-T”),
intracellular targeting antibodies (“iTAbs”), antibody-drug
conjugates (“ADC”), and clinical stage oncolytic virus
(“Seprehvir®”).
Sorrento’s commitment to life-enhancing therapies for cancer
patients and Osteoarthritis (OA) patients is also demonstrated by
our effort to advance Resiniferatoxin (“RTX”), a first-in-class
(TRPV1 agonist) non-opioid pain management small molecule, ZTlido®
and SP-102, a non-opioid corticosteroid gel. Resiniferatoxin is
completing a Phase 1b trial in terminal cancer patients and a Phase
1b trial for OA. ZTlido was approved by US FDA on February 28,
2018. SP-102 is in Phase 3 pivotal study for the treatment of
lumbar radicular pain/sciatica.
For more information visit www.sorrentotherapeutics.com
Forward-Looking Statements
This press release contains forward-looking statements related
to Sorrento Therapeutics, Inc. and its subsidiaries under the safe
harbor provisions of Section 21E of the Private Securities
Litigation Reform Act of 1995 and subject to risks and
uncertainties that could cause actual results to differ materially
from those projected. Forward-looking statements include statements
regarding the amount and anticipated use of proceeds from the
offering and other matters that are described in Sorrento’s most
recent periodic reports filed with the Securities and Exchange
Commission, including Sorrento’s Annual Report on Form 10-K for the
year ended December 31, 2018, as amended, subsequent Quarterly
Reports on Form 10-Q and the final prospectus supplement related to
the offering filed with the Securities and Exchange Commission on
June 28, 2019, including risks and uncertainties associated with
general economic and market conditions and the other risk factors
set forth in those filings. Investors are cautioned not to place
undue reliance on these forward-looking statements, which speak
only as of the date of this release and we undertake no obligation
to update any forward-looking statement in this press release
except as required by law.
Media and Investor Relations
Contact: Alexis Nahama, SVP Corporate Development
Telephone: 1.858.203.4120
Email: mediarelations@sorrentotherapeutics.com
Website: www.sorrentotherapeutics.com
Sorrento® and the Sorrento logo are registered trademarks of
Sorrento Therapeutics, Inc.
ZTlido® and G-MAB™ are trademarks owned by Scilex
Pharmaceuticals Inc. and Sorrento, respectively.
SEMDEXA™ (SP-102) is a trademark owned by Semnur
Pharmaceuticals, Inc. A proprietary name review by the FDA is
planned.
Seprehvir®, is a registered trademark of Virttu Biologics
Limited, a wholly-owned subsidiary of TNK Therapeutics, Inc. and
part of the group of companies owned by Sorrento Therapeutics,
Inc.
All other trademarks are the property of their respective
owners.
© 2019 Sorrento Therapeutics, Inc. All Rights Reserved.
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